President Donald Trump on Friday threatened China with “countermeasures” and hinted his upcoming summit with Chinese President Xi Jinping could be canceled as a result of Beijing’s latest escalation in trade hostilities.

China ramped up its economic pressure campaign this week, first by imposing new export controls Thursday on rare earth minerals critical to the production of vehicles, weapons systems, and other advanced technologies. On Friday, Beijing escalated further, announcing new port fees on American ships and launching an antitrust investigation into U.S. tech giant Qualcomm.

In response to what he described as “great trade hostility,” Trump said there was “no reason” to meet with Xi in South Korea later this month.

“Dependent on what China says about the hostile ‘order’ that they have just put out, I will be forced, as President of the United States of America, to financially counter their move. For every Element that they have been able to monopolize, we have two,” the president posted on Truth Social.

“Ultimately, though potentially painful, it will be a very good thing, in the end, for the U.S.A. One of the Policies that we are calculating at this moment is a massive increase of Tariffs on Chinese products coming into the United States of America,” Trump wrote. “There are many other countermeasures that are, likewise, under serious consideration.”

Despite their strategic significance, the U.S. imports 80% of the rare earths it consumes, primarily from China, which dominates global production and controls roughly 92% of the world’s refining capacity.

Under the new rules, foreign suppliers must obtain Beijing’s approval to export any product made with Chinese rare-earth processing technology or containing rare-earth materials that comprise as little as 0.1% of the item’s value. The restrictions also extend to the export of technology used in rare-earth mining, smelting, and magnet manufacturing, and add five more rare-earth elements to China’s existing control list.

Trump warned that Beijing’s move could “clog” global markets and “make life difficult for virtually every country in the world.”

“I have always felt that they’ve been lying in wait, and now, as usual, I have been proven right! There is no way that China should be allowed to hold the World “captive,” but that seems to have been their plan for quite some time,” the president wrote.

“But the U.S. has Monopoly positions also, much stronger and more far reaching than China’s. I have just not chosen to use them, there was never a reason for me to do so — UNTIL NOW!” Trump said.

The Chinese Transport Ministry also said it will begin collecting port fees on vessels owned by U.S. companies or individuals — and even those built in America — starting Oct. 14. The rollout overlaps with Washington’s plan to impose new charges on large Chinese vessels docking at U.S. ports the same day.

The president also noted that Beijing’s timing was “especially inappropriate,” noting that it coincides with the peace deal he helped broker between Israel and Hamas to bring the two-year conflict to an end.

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